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BAO PHARMA-B (02659.HK) Plunges 64% on Heavy Turnover; Included in Hong Kong Stock Connect in Early Mar
Recommend 4 Positive 3 Negative 9 |
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BAO PHARMA-B (02659.HK), which was listed in December last year, opened down 0.4% this morning (30th) with losses widening sharply. The stock was last quoted at HKD26.92 near the close, down 64.06%. Turnover surged to 24.2661 million shares, involving HKD739 million. The company is a biotechnology firm focusing on large-volume subcutaneous drug delivery, antibody-mediated autoimmune diseases, assisted reproduction and recombinant biopharmaceuticals. It was officially included in the Hong Kong Stock Connect on March 9 this year. Market analysts noted that BAO PHARMA-B recorded astonishing gains in the early stage after listing, hitting a high of HKD206 in late February this year, representing a cumulative increase of 6.8x from its listing price of HKD26.38. As earnings pressure emerged and the overall Hong Kong biopharmaceutical sector weakened, profit-taking triggered a rush of selling. The company reported revenue of RMB49.156 million last year, up 698% YoY. Losses widened to RMB395 million, compared with a loss of RMB364 million in the same period a year earlier. LPS was RMB1.36. (da/j) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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